‘Once it’s gone, it’s gone’: Home shopping network TVSN prepares to shut down

Home shopping network TVSN is preparing to shut down after its parent company, Direct Group, failed to secure a buyer or investor for the business. The network, which has operated for over 30 years, announced a closing-down sale starting Tuesday to liquidate remaining inventory. However, the sale will end immediately if a buyer is found, according to an email sent to customers on Sunday and Monday. The message urged shoppers to use gift cards, vouchers, or store credit, warning that once items are sold, they will not be restocked. TVSN began broadcasting in 1995 and was initially owned by Channel 10. Over the years, it has changed hands several times, including being acquired by Hong Kong-based investors in 1996 and later listed on the Australian stock exchange. In 2004, it came under the ownership of Direct Group, which received a $40 million cash injection from private equity group CPE Capital. Direct Group, which also operates Reader's Digest Australia, has been seeking new investment or a buyer for TVSN in recent months but has not secured a deal allowing the network to continue in its current form. Suppliers have expressed frustration over the lack of communication regarding the closure. Alison Lennard, owner of women’s fashion label Philosophy Australia, stated that TVSN was her largest wholesale client and that she is owed tens of thousands of dollars in unpaid invoices. She described the situation as a “significant loss” and expressed uncertainty about recovering the money or accessing stock still held by TVSN. Despite delays in payments, Lennard noted that TVSN had recently placed a new order, suggesting the network was still attempting to operate normally. Other suppliers shared similar concerns. Shirley Piscina, founder of hair and cosmetics brand Silk Oil of Morocco, posted emotionally on Instagram about the impact of the closure. She described feelings of shock and anger over the lack of communication and the financial strain on her business. Piscina urged customers to support suppliers directly, stating that they had not been paid for their goods. TVSN broadcasts more than 6,000 products daily through live demonstrations from 8:30 am to 9:30 pm AEST. Major brands such as L’Occitane, Dyson, VS Sassoon, Tefal, and Delonghi have partnered with the network. The closure comes amid growing challenges in the retail sector, particularly for businesses targeting older demographics, which is Direct Group’s primary market. Direct Group, along with its chairman and TVSN director Bernie Brookes, a former CEO of Myer, has not yet commented on the situation. The company faces potential legal and financial repercussions as it navigates the winding down of TVSN. Suppliers are reportedly compiling a list of creditors, raising questions about the recovery of outstanding debts. As the shutdown approaches, customers are advised to act quickly to purchase desired items, as the network warns that once products are sold, they will not be available again. The fate of TVSN marks the end of a long-running chapter in Australian television history, leaving behind both loyal viewers and struggling suppliers.